Yes I tried awhile ago and couldn't but I'll try again.malcontent wrote: ↑Sun, 10 Jan 2021 12:07 pmThe banks usually default to $1000 and you can adjust that in the online banking app. It is quick and easy to do, takes effect immediately.
Yes I tried awhile ago and couldn't but I'll try again.malcontent wrote: ↑Sun, 10 Jan 2021 12:07 pmThe banks usually default to $1000 and you can adjust that in the online banking app. It is quick and easy to do, takes effect immediately.
Yes good point.GSM8 wrote: ↑Thu, 25 Nov 2021 11:29 amGreat reminder, thanks PNGMK. An additional nuance comes to mind. If your MA is already maxed at 63k, then top back up to 63k as soon as there is a withdrawal, for example, when your IP or MediShield plan deducts, but before your next employment monthly contribution is made (else it will be channeled into MA if below 63k at that point in time)
Absolutely depends on her tax bracket IMO.malcontent wrote: ↑Thu, 25 Nov 2021 1:15 pmMy wife is an SRS virgin, thought of popping hers open this year so that she can unshackle by 62. The problem is… I’m just not totally convinced that the juice is worth the squeeze.
Being restricted to Singapore investments adds cost that eats up the tax savings over time. This is especially true if we are not resident in SG during retirement and have to pay 15% nonresident on half, effectively 7.5%.
You would be surprised what an extra 0.5% annual investment fee over a decade or more can do. It’s a bit like having a termite problem.
Good reminder. With such low interest rates, using CPF as the bond substitute in your portfolio really gives you a big advantage compared to investors who have no CPF and are stuck with very low yields at the moment.
Even if you didn’t make it in time for calendar year 2021, it’s still a fantastic deal in 2022. Setting up a Treasury Direct account is easy, and you will still get more than 7% annualized for the first 6 months if you buy Series I bonds before the next rate change - believe it’s in May 2022. The only restriction is you must hold them for a minimum 12 months, and you only sacrifice the last 3 months interest by getting out early. So once the interest isn’t worth it, just liquidate. The rate never goes below 0% so you can’t lose.
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